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Garmin GRMN is leaving no stone unturned to bolster devices portfolio to enhance its offering in the navigation space.
This is evident from its latest launch of a new series of oversized dezl of truck navigators — dezl OTR700/800/1000 GPS navigators. This new series will available in three options — 7-inch, 8-inch and 10-inch display. These navigators are equipped with core trucking features necessary for over-the-road truck drivers.
Further, the truck navigators help drivers in avoiding common public entrances when they are near destination by offering load-to-dock guidance, which enables them to see specific loading zones and storage lots.
Further, the new devices that feature easy-to-read HD touchscreens and several mounting options offer popular and custom truck routing.
Additionally, both 8 and 10 -inch displays can be changed from landscape to portrait mode per the driver’s convenience.
Notably, the latest move expands the family of Garmin’s oversized dezl truck navigators.
Latest Launch to Benefit Auto Segment
The latest movie is expected to benefit Garmin. It has been making every effort to increase its share in the auto market on the back of new products and upgrades to the existing ones.
With all the abovementioned advanced features, Garmin strives to deliver enhanced trucking and navigation experience to drivers. Hence, this is likely to aid the adoption rate of the new truck navigators.
This, in turn, will drive the performance of the company’s consumer automotive division, thereby, contribute to the auto segment’s top line in the near term.
Garmin Ltd. Revenue (TTM)
Garmin Ltd. revenue-ttm | Garmin Ltd. Quote
GPS Navigator Strength
The latest move bodes well for the company’s growing efforts toward expanding GPS navigator portfolio.
Apart from the latest launch, the company has recently launched an all-terrain GPS motorcycle navigator, zumo XT, in a bid to strengthen navigation offerings. In case of an untoward incident, the navigator is well equipped to provide automatic incident notifications to family and friends of rider.
The company’s robust portable navigation devices for automobiles, motorcycles and trucks remain noteworthy.
We believe strengthening GPS navigator portfolio positions Garmin well to expand presence in the booming GPS tracking device market, which is riding on increasing commercial vehicle fleet.
Per a report from Zion Market Research, global GPS tacking device market is expected to witness a CAGR of 11.8% over a period of 2019-2025 and achieve $4.6 billion by 2025.
Zacks Rank & Key Picks
Garmin currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Inphi Corporation IPHI, Match Group, Inc. MTCH and Semtech Corporation SMTC, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term earnings growth rate for Inphi, Match Group and Semtech is currently pegged at 37.66%, 13.39% and 12.5%, respectively.
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